Itera — Regulatory Filings 2011

Jan 13, 2011

Itera signs Nordic IT contract

Stockholm, 13 January 2011: Itera has entered into an

agreement with the leading project management firm

Faveo regarding outsourcing of its IT systems. Faveo

is experiencing strong growth in the Nordic market,

and has 320 employees in its offices in Norway and

Sweden. The agreement runs for three years, and has

an initial value of approx. SEK 11 million. Both

parties see opportunities for expansion of the

delivery under the contract period.

- Well-functioning IT support is a very important

factor for our business, and a prerequisite for

success in the expansion plans we have. Flexibility

and security are important factors for us. Itera's

customer proximity in the Nordic market, and their

demonstrated ability to deliver expertise, innovation

and quality, makes us want Itera as our future

partner, says Miguel Guirao, CEO of Faveo.

- Faveo's needs are fully consistent with our

expertise ranges of Microsoft-based infrastructure,

and we look forward to contributing to the further

development and growth in Faveo in the coming years.

The commitment that both Itera and Faveo do in the

Nordic market goes hand in hand, and to present a

joint Nordic delivery proves again to be a success,

says Patrik Lännerberg, CEO of Itera Networks AB.

For more information:

Arne Mjøs, CEO, Itera ASA

Mobile +47 905 23 172

arne.mjos@iteraasa.com

Patrik Lännerberg, CEO, Itera Networks AB

Mobile +46 (0)70 180 08 30

patrik.lannerberg@iteranetworks.se

Jon Erik Høgberg, CEO, Itera Networks Nordic

Mobile +47 900 96 974

jeh@iternetworks.no

About Itera

Itera designs, builds and manages innovative digital

solutions and services to Nordic based businesses

where smart use of information technology is a key

driver to achieve business goals. The group will be

the best supplier in driving rapid conversion of

business opportunities for our customers. Itera's

customers are strong Scandinavian businesses such as

bank and insurance, telecom, media and high-tech,

public sector and health. Itera consists of about 400

employees working in offices in Norway, Sweden,

Denmark and Ukraine. The company is listed on the

Oslo Stock Exchange under the ticker symbol ITE.

About Itera Networks

Itera Networks, an Itera company, provides services

in consulting, infrastructure and IT operations to a

wide range of businesses based in Norway and Sweden.

The company has approximately 100 employees and has

had a solid double-digit profitable growth for five

years in a row. Through the Nordic operations

organization and service desk, services are available

to businesses regardless of geography.